原文标题： China eases IPO rules for firms developing reusable rockets 原文连结： https://ca.finance.yahoo.com/news/china-eases-ipo-rules-firms-115950968.html 发布时间：Fri, December 26, 2025 at 7:59 p.m. GMT+8 记者署名：Eduardo Baptista 原文内容： BEIJING, Dec 26 (Reuters) – Chinese companies developing reusable commercial rockets will have access to a fast lane for initial public offerings on the tech-heavy STAR market that exempts them from some financial requirements, the Shanghai Stock Exchange said on Friday. 北京，12月26日（路透社）——上海证券交易所周五表示，研发可重复使用商业火箭的中 国企业将可透过「快速通道」在科技股集中的科创板（STAR Market）进行首次公开募股 （IPO），并豁免部分财务要求。 Beijing is seeking to address a gap in its space capabilities compared to the United States, which is currently dominant in the ability to return, recover, and reuse a rocket's first stage, or booster, after it is launched. 北京正试图弥补其与美国在太空能力方面的差距。目前美国在火箭发射後回收并重复使用 第一级（即助推器）的技术上处於主导地位。 The new guidelines build upon previous regulations published in June that made it easier for pre-profit innovative companies to get listed on the STAR market. 这项新指引是在今年6月发布的既有规则基础上进一步扩展，当时已放宽对尚未盈利的创 新企业在科创板上市的要求。 The fast lane exempts Chinese rocket firms from profitability and minimum revenue thresholds and instead requires them to have met key technological milestones, including one successful orbital launch using reusable rocket technology. 此快速通道豁免中国火箭企业的获利能力与最低营收门槛，转而要求企业达成关键技术里 程碑，包括至少一次使用可重复使用火箭技术成功进行轨道发射。 CHINA AIMING TO BREAK US, SPACEX STRANGLEHOLD 中国力图打破美国与SpaceX的垄断 U.S. billionaire Elon Musk's aerospace giant SpaceX currently holds a near monopoly on this technology, and its signature Falcon 9 is the only reusable rocket model that is regularly launched and used to put satellites into orbit. 美国亿万富翁埃隆·马斯克（Elon Musk）旗下的太空探索公司（SpaceX）目前在该技术 领域几乎垄断市场，其主力火箭「猎鹰9号」（Falcon 9）是目前唯一能常规发射并用於 将卫星送入轨道的可重复使用火箭型号。 Earlier this month, China's leading private rocket firm LandSpace became the first domestic entity to carry out a full reusable rocket test with the launch of its new Zhuque-3 model, signalling its ambition to catch up to SpaceX. 本月早些时候，中国领先的民间火箭公司「蓝箭航天」（LandSpace）发射其新型「朱雀 三号」（Zhuque-3）火箭，成为首个进行完整可重复使用火箭测试的中国本土企业，展现 出追赶SpaceX的雄心。 While the launch failed to complete the crucial step of recovering the rocket' s booster, a flurry of Chinese state-owned and private players are now rushing to test launch their own reusable rockets. 尽管此次发射未能完成回收火箭助推器的关键步骤，但众多中国国有与民间企业现正积极 加速测试自家可重复使用火箭。 LandSpace has already said it wants to demonstrate a successful rocket recovery in mid-2026, when Zhuque-3 will be launched for a second time. But it has said the capital-intensive nature of rocket development means it will need access to China's capital markets if it hopes to compete with SpaceX. 蓝箭航天已表示，目标是在2026年中实现成功的火箭回收，届时「朱雀三号」将进行第二 次发射。但公司也指出，由於火箭研发属於资本密集型产业，若要与SpaceX竞争，必须进 入中国资本市场筹集资金。 The Shanghai exchange's rules do not state that rocket firms must successfully recover a rocket, only that reusable rocket technology be used to put a satellite into orbit, something LandSpace already achieved with this month's launch. 上海证交所的新规并未要求企业必须成功回收火箭，仅要求使用可重复使用火箭技术将卫 星送入轨道——这一点蓝箭航天已在本月的发射中实现。 Companies that undertake national missions or participate in major state-led space projects will receive priority support, according to the new guidelines, which take effect immediately, underscoring the close alignment between commercial launch activity and China's broader strategic goals. 根据立即生效的新指引，承担国家任务或参与重大国家主导太空计画的企业将获得优先支 持，凸显商业发射活动与中国整体战略目标的高度一致。 China has repeatedly described SpaceX's monopoly on low-Earth orbit satellites as a national security risk and is actively pushing its own satellite constellations, which it hopes will number in the tens of thousands within the next decades. 中国多次将SpaceX在低地球轨道（LEO）卫星领域的垄断视为国家安全风险，并积极推动 自主卫星星群建设，目标是在未来数十年部署数万颗卫星。 心得/评论： 火箭研发耗资巨大， 民间企业难以单靠自筹资金持续投入。 中国正透过政策与资本市场双管齐下， 加速发展可重复使用火箭技术， 以缩小与美国（特别是SpaceX）在商业太空领域的差距。 上海证交所放宽科创板上市门槛， 允许尚未盈利但具关键技术突破的火箭企业快速融资， 反映国家战略对商业航天的高度重视。 这不仅是技术竞赛， 更是国家安全与未来太空经济主导权的布局。 透过政策、资本与技术三者结合， 中国正系统性地构建自主可控的商业航天生态系， 目标不仅是「跟上」，更是「超越」 --

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